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Week Ahead: More fall likely in Masoor tracking International market cues

13 Aug 2022 10:06 pm
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MUMBAI, 13 Aug (Commoditiescontrol): Both imported and domestic varieties of Masoor prices widened losses tracking weak CNF quotes for Canada-origin Masoor. This trend is likely to continue as harvesting gathers pace in n Canada and Australia. Fall in price of imported variety Masoor was higher compared to domestic variety due to lower stock.


Due to better crop prospects in Canada and Australia international prices are likely to remain under pressure. Canadian harvest has already started and may gather pace in the next few weeks. Canadian crop is expected to be around 24.6lakh tones as compared to 16.06 lakh tons last year. Similarly, the Australian corp harvest should start in the next few weeks crop size is estimated to be around 8 lakh tons. Due to the huge supply from these two origins in the next few weeks prices are likely to move down further.


Vessel M V QUEEN SAPPHIRE carrying about 36961 tonnes of Canada red Masoor arrived at Kolkata Port and started discharging cargo.

Canada crimson variety Masoor is being offered at $737 per ton bulk in the vessel on CNF basis Mundra for Sep-Oct shipment. At the current exchange rate landed cost of the new crop for Sep-Oct shipment is around Rs 6,075/100Kg.

Canada crimson variety Masoor is being offered at $750 per ton bulk in the container on CNF basis Nhava-Sheva for Oct-Nov shipment. At the current exchange rate landed cost of the new crop for Oct-Nov shipment is around Rs 6,175/100Kg.

Canada crimson variety Masoor is being offered at $770 per ton bulk in the container on CNF basis Nhava-Sheva for Sep-Oct shipment. At the current exchange rate landed cost of the new crop for Sep-Oct shipment is around Rs 6,350/100Kg.

Australia Nugget variety Masoor is being offered at $770 per ton bulk in the container on CNF basis Nhava Sheva for Nov-Dec shipment. At the current exchange rate landed cost of the new crop for Nov-Dec shipment is around Rs 6,350/100Kg.

As per technical chart - Mumbai Canada Masoor - Counter trend decline/ next support at Rs 6,700. Click here


As per technical chart - Kolkata Canada Masoor - Signs of counter-trend decline/next support at Rs 6,400 followed by Rs 5,900. Click here

Trend: Prices of Masoor will continue to remain under pressure in anticipation of huge international supply in the next few months. This is evident from forward shipment prices which are quoting at a huge discount to current spot prices.


(By Commoditiescontrol Bureau; +91-22-40015513)

       
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